Articles and News
Rolex Fans Outraged by Scalpers and Dealers Who Hoard Watches and Jack up Prices February 28, 2023 (0 comments)
Los Angeles, CA--Jeff Maysh wanted to surprise his wife with a Rolex Oyster Perpetual for her birthday. But when he visited a Rolex store, he was shocked to find empty display cases and no watches for sale.
[Image by Olaf from Pixabay]
He soon learned he was not alone and shared his experiences in a report. Across the world, Rolex fans are facing a shortage of their favorite timepieces as scalpers buy them up and resell them at inflated prices on the gray market. Some models can fetch up to $50,000 online, ten times their retail value.
But why is Rolex not making enough watches to meet the demand? The answer is complicated. The company has a strict policy against scalping. It requires authorized dealers to sell only to genuine customers. However, some dealers allegedly collude with scalpers and receive kickbacks for breaking the rules.
Others use Rolex watches to incentivize customers who buy other expensive jewelry items. This practice is not illegal, but it angers many loyal Rolex enthusiasts who feel denied access to their desired products.
"I'm supposed to be able to access this. I'm rich," said Brian DeSantos, a creative director in Los Angeles, in the report. "I'm willing to give you an insane amount of money for this silly thing you offer. Why won't you let me?"
Read the entire story here.